FOMC expected to hold rates as Bitcoin hovers near $80,000, Ethereum at $2,315

The Federal Open Market Committee (FOMC) will announce its latest decision on interest rates this Wednesday, with cryptocurrency markets closely monitoring the outcome. As of October 27, Bitcoin traded near $80,000 while Ethereum remained around $2,315. The overall cryptocurrency market capitalization was measured at $2.67 trillion, marking a decrease of 0.68% over the preceding 24 hours, reflecting ongoing uncertainty ahead of the Fed’s move. With persistent inflation and softening labor market data complicating the outlook, many market participants expect the Federal Reserve to keep interest rates unchanged at this meeting. Following the September announcement, the central bank raised its benchmark rate by 25 basis points to a target range of 3.75% to 4.00%, citing inflationary pressures and its commitment to maintaining price stability.

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